Transmittal Document:

August 4, 2010

Madam Nasreen SaeedInstitute of management and sciences

Dear Miss Nasreen:

We are submitting to you the report, due August 4, 2010. The report is entitled Business networking. Business networking is the process of establishing a mutually beneficial relationship with other business people and potential clients and/or customers.

We have found all the relevant data related to Business networking on internet where we have faced some problems, sometimes the related linked was not found, sometimes load shedding wasted our lot of time to develop our report but we give our all to make this report more professional. People didn’t cooperate with us while filling the questionnaire. But overall it was great experience.

At the end, we are very obliged that you give us the opportunity to work such kind of task that enhances our abilities to analyze the situations and problems and able to give suggestions. We would like to thanks madam for being very helpful and kind through out the semester.

Contents:

1.Executive Summary............................................................4

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2.Introduction:.......................................................................52.1 Background:-................................................................52.2. Purpose Statement:-....................................................52.3. Problem Statement:-....................................................62.4. Procedures used to gather and analyze the data.........6

3. Findings:............................................................................74. Case Study:........................................................................85. Case Study 2:.....................................................................86. Research Review:............................................................107. Summary.........................................................................128. Conclusion:......................................................................139. Recommendation.............................................................1410. References:....................................................................1511. Appendix .......................................................................16

1. Executive Summary

Business networking is the process of establishing a mutually beneficial relationship with other business people and potential clients and/or customers.Our problem statement is “Why do professionals tend to prefer face to face networking to online networking?”

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There is a certain element about a face to face relationship that creates a stronger bond between you and the people you network with.Professionals tend to prefer face to face networking to online networking because in face to face networking the potential for higher quality relationships are possible. Many individuals also prefer face-to-face because people tend to prefer actually knowing and meeting who they intend to do business with.From our questionnaire research, we find that“Face to face networking is better than online networking for Businessmen”

60% people agree with us

30% don’t agree

10% don’t know

We conclude that in face to face networking the potential for higher quality relationships are possible and it creates a stronger bond between you and the people you network with. We recommend that to build a strong personal network, you should use both online and in-person networking. But while closing the deal of any significant amount go for face to face contact to avoid fraud.

2. Introduction:

2.1 Background:-

Business networking is a marketing method by which business opportunities are created through networks of like-minded business people. There are several prominent business networking organizations that create models of networking activity that, when followed, allow the business person to build new business relationship and generate business opportunities at the same time.

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Business networking is the process of establishing a mutually beneficial relationship with other business people and potential clients and/or customers.Many business people contend business networking is a more cost-effective method of generating new business than advertising or public relations efforts. This is because business networking is a low-cost activity that involves more personal commitment than company money.

Business networking can be conducted in a local business community, or on a larger scale via the Internet. Business networking websites have grown over recent years due to the Internet's ability to connect people from all over the world.

2.2. Purpose Statement:-

We are studying Business Communication & Report Writing. It’s our course requirement to develop a term report and our teacher, Madam Nasreen Saeed assigned us the topic “business networking.”It also helps us to establish a mutually beneficial relationship with other business people and potential clients and/or customers.The purpose of business networking is to increase business revenue - one way or another. The thickening of the bottom line can be immediately apparent, as in developing a relationship with a new client, or develop over time, as in learning a new business skill.

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2.3. Problem Statement:-

“Why do professionals tend to prefer face to face networking to online networking?”

Some things are better in person. Networking is one of them. Online networking is a powerful tool, but it shouldn’t be the only one we use to build a strong personal network.

Professionals tend to prefer face to face networking to online networking because there is a certain element about a face to face relationship that creates a stronger bond between you and the people you network with.

The biggest problem with online business networking sites can be found in those two words "Business Networking". There are huge lists of websites that promote themselves as "business networking" platforms but it is not really the case. The majority of users are not business decision makers at all and as such there can be no business done.

More over there are limitations to closing deals over the internet. For example you can do the research get your back ground information, but closing the deal of any significant amount they going to want face to face contact.

2.4. Procedures used to gather and analyze the data

We use many procedures to gather primary data as well as secondary data and our main sources to collect our primary data are some case studies, conduct questionnaires. And our Secondary data sources are some portfolios and from cyber world.

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3. Findings:

Networking is something that we all do on a daily basis, and most of the time we are unaware of it. We all refer services, businesses and associates on a daily basis and most of the time we do not even realize what we have done. With networking developing many businesses now have this as a core part of their strategy, those that have developed a strong network of connections suppliers and companies can be seen as "Networked Businesses" and will tend to source the business and their suppliers through the network of relationships that they have in place.

Businesses are increasingly using business social networks as a means of growing their circle of business contacts and promoting themselves online. In general these networking tools allow professionals to build up their circle of business partners they trust. By connecting these business partners the networking tools allow individuals to search for certain people within their network. Through introductions the members of these tools then can get in contact with new prospective business partners.

Since businesses are expanding globally, social networks make it easier to keep in touch with other contacts around the world. Specific cross-border e-commerce platforms and business partnering networks now make globalization accessible also for small and medium sized companies.

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One in eight online businesses had 5% of revenues stolen by fraudsters last year, according to research more than a third of these firms lost at least 1% of revenue to fraud. The losses are the result of fraudulent online payments. A total of 60 out of 150 businesses surveyed said they lost more to fraud in 2008 than the previous year.

Researchers found that 57% of respondents believe online fraud is one of the greatest threats to their businesses.

.Many professionals tend to prefer face-to-face networking over online based networking because the potential for higher quality relationships are possible. Professionals who wish to leverage their presentation skills with the urgency of physically being present attend general and exclusive events. Many individuals also prefer face-to-face because people tend to prefer actually knowing and meeting who they intend to do business with.

According to Professionals Face to face networking Increase sales, Maximize revenues, put the power of Business Networking to work for you today and Put the personal touch back into doing business.

“Face to face networking is better than online networking for businessmen”

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4. Case Study:

The 2010 edition of the UK Online Fraud Report, commissioned by Cyber Source, shows that 60% online business merchants expect to lose 6% of online revenues to payment fraud, but 40% expect to lose more than 7%.

The news comes as the National Fraud Intelligence Bureau prepares to accept information from Fraud Action, the online fraud reporting centre.

More than 70% of merchants review online orders, with 5% checking every order manually.

Even then one in eight online businesses had 5% of revenues stolen by fraudsters last year, according to research more than a third of these firms lost at least 1% of revenue to fraud. The losses are the result of fraudulent online payments. A total of 60 out of 150 businesses faced online payment frauds every year.

Researchers found that 57% of respondents believe online fraud is one of the greatest threats to their businesses.

5. Case Study 2:

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Another example of online fraud, during the bidding process. Bid shielding takes place when a buyer and a partner artificially inflate the bids during an auction.

On 11 Jul 2010 Online British Newspaper published a report on Bid shilling "an individual scheme with someone else creates a false identity in order to drive up the bidding prices on behalf of the seller.

The effect of this fraudulent practice is to artificially encourage legitimate bidders to continually increase their bid in an effort to win the auction. Many times the individual creating a false identity is the seller who then bids on its own merchandise in an effort to increase the overall price received for the goods.

6. Research Review

From our questionnaire research we have found that 50% people thinks that there is always a use of business communication in business networking.

60% people prefer face to face networking over online networking and 28% even don’t know the clear difference between online and face to face networking.

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It is found that 57% of respondents believe online fraud is one of the greatest threats to their businesses.

“Face to face networking is better than online networking for

Businessmen”

60% people agree with us

30% don’t agree

10% don’t know

So we have concluded from our research review that there is less chance of fraud in face to face networking and it creates a stronger bond between you and the people you network with.

7. Summary

Business networking is a marketing method by which business opportunities are created through networks of like-minded business people.Businesses are increasingly using business social networks as a means of growing their circle of business contacts and promoting themselves online. But Professionals tend to prefer face to face networking to online networking because there is a certain element about a face to face relationship that creates a stronger bond between you and the people you network with. Many individuals also prefer face-to-face because people tend to prefer actually knowing and meeting who they intend to do business with.

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Researchers found that 57% of respondents believe online fraud is one of the greatest threats to their businesses.

From our questionnaire research, we find that“Face to face networking is better than online networking for Businessmen”

60% people agree with us

30% don’t agree

10% don’t know

We conclude that in face to face networking creates a stronger bond between you and the people you network with. We recommend that to build a strong personal network, you should use both online and in-person networking. But while closing the deal of any significant amount go for face to face contact to avoid fraud.

8. Conclusion:

We discovered that face to face networking creates a stronger bond between you and the people you network with. Professionals prefer face-to-face because people tend to prefer actually knowing and meeting who they intend to do business with and there is less chance of fraud while making deals face to face instead of online networking.

We also conclude from our research that individuals also prefer face to face networking because they believe online fraud is one of the greatest threats to their businesses.

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9. Recommendation

In all our primary and secondary research we found that there is high level chance of fraud in online business networking than face to face business networking, we recommend some suggestions to prevent online frauds.

Use simple wording while communicating inside the organization so that the other person can understand easily

Implement simple fraud prevention procedures. These include segregation of duties, random audits of records and monitoring access to assets and data.

Hire the right person for right job so less chances of miscommunication

Provide as much detail as you can

Interpret the meaning correctly before taking action.

Establish an anonymous hotline for reporting. An anonymous hotline can cut fraud losses in half because it gives employees an opportunity to report without getting involved.

10. References:

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Book Chapters

Brake, David. (2009). Shaping the 'Me' in MySpace: The Framing of Profiles on a Social Network Site in Digital Storytelling Meditated Stories: Self-Representations in New Media. In Lundby, K (Eds.),

Martínez Alemán, Ana M., and Wartman, Katherine Lynk. (2008). Online Social Networking on Campus: Understanding what matters in student culture.

Journal Article

 Andrejevic, Mark. (2005). The work of watching one another: Lateral surveillance, risk and governance. Surveillance & Society, 2 (4), 479-497.

Albrechtslund, Anders. (2008). Online Social Networking as Participatory Surveillance. First Monday, 13 (3).

Newspaper Article

Chun, Hyunwoo, Kwak, Haewoon, Eom, Young-Ho, Ahn, Yong-Yeol, Moon, Sue, and Jeong, Hawoong. (2008). Comparison of online social relations in volume vs interaction: a case study of cyworld. Proceedings of the 8th ACM SIGCOMM. (pp. 57-70). ACM.

Website

www.linkedin.com/http://www.networkingforprofessionals.com/Wikipediawww.insidecrm.com/features/50-social-sites-012808entrepreneurs.about.com/od/onlinenetworking/.../socnetsites.htmceoworld.biz/.../a-complete-list-of-business-networking-websites-for-ceo-and-entrepreneurs

11. Appendix 1

Questionnaire

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Is their any use of business communication in business networking?

AlwaysHigh as required

No

In your opinion which one is better for Businessmen? Face to face business networking Social Networking General business networking online business networking

Do you know the clear differences of online and face to face business networking?

Yes No

little bit

In your Opinion you have achieve a preset level of success to be part of a large firm network?

Always High as required

No

What is the basic tool of business networking?

Business communication Social communication

Organizational communication cultural communication

Do you think in face to face business networking higher quality relationships are possible? Always

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No idea Never

Do you think business networking need improvement in Pakistan?

Need much improvement In some areas

No need to improvement

How much business communication use in online business networking?

Highly useableLittle bitDepend

By use of business communication more efficiently in business networking can we increase the profit of business?

Profit affected by itDon’t have any affect

Offend

There is less chance of fraud in ………………………..?

Face to face business networking Social Networking General business networking online business networking

Is Pakistani culture support the online business networking?

Yes No

Do you think good online business networking make company image better?

Yes No Often

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Do you think there are miles of difference in face to face business networking and other business networking?

AgreeDisagree

Do you think face to face business networking increase revenues?

Agree

Disagree

Do you think Professionals prefer Face to face business networking over online networking?

Yes No

little bit

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